Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process:

Budgeted unit sales 460

selling price per unit $ 1950

cost per unit $ 1575

variable selling and administrative expenses (per unit) $75

Fixed selling and administrative expenses (per year) $105,000

interest expense for the year $ 14,000

Prepare the company's budgeted income statement for the year.